Canary Wharf owner says too early to know shareholder intentions on Qatari bid

Songbird is the subject of a $4bn hostile takeover bid from Qatar Investment Authority-led group
Canary Wharf owner says too early to know shareholder intentions on Qatari bid
(Getty Images)
By Reuters
Sat 13 Dec 2014 10:06 AM

Songbird Estates, the subject of a 2.6 billion pound ($4 billion) hostile takeover bid from a Qatari-led group, said it was too early to speculate on the intentions of the majority of its shareholders.

The company, the owner of London's Canary Wharf financial district, said it was issuing a statement in response to press comment after a British media outlet quoting an unnamed Songbird executive said investors were poised to reject the Qatari bid.

"No guarantees as to the intentions of any shareholders or any other statements of support with respect to the offer have therefore been sought or received by the board of Songbird at this time," Songbird said in its statement on Thursday.

Songbird said it would make known its view on the offer from Qatar Investment Authority and Brookfield Property Partners after the suitors had published their offer document.

The company said on Friday that the 350 pence per share bid was too low, but has yet to formally reject it.

The Qatari-led group last week launched the offer direct to shareholders and has since said investors with nearly a third of the Songbird's free float have pledged support for its approach.

QIA's hostile move had followed the rejection of an earlier 295 pence-a-share bid.

Songbird shares closed down 1.1 percent at 334.75 pence on Thursday.

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